Base Metals Preview: Copper down 9% in March

COMEX Copper futures edged up today as markets eyed equities. Asian stocks saw mixed moves as investors digested conflicting signals from the ongoing war in the Middle East. European stocks edged up after media reports emerged that the Trump administration is willing to end US military operations against Iran even if the Strait of Hormuz remains largely closed. This pushed up COMEX Copper as the metal lingered around $5.50 per pound mark. Copper is still down around 9% in March-26 and the recent surge in LME Copper inventory levels is likely to cap major gains for the counter. MCX Copper futures closed at Rs 1152.10 per kg, up marginally. Highs around Rs 1160 per kg capped the upside for metal.

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